MtGox, one of the most prominent exchanges for the Bitcoin cryptocurrency, was recently hacked, causing a potential loss of hundreds of millions of dollars. While this sounds like one reason to not use Bitcoin, I see it a different way.
- Bitcoin is a complex adaptive system which allows it to improve from failure – it may be what Nassim Nicholas Taleb calls antifragile.
- The orthodox business media will attempt to portray this as a systemic failure
- Ultimately, alternative currencies will continue to attract attention because they offer a narrative that is superior to the story of command-and-control offered by central banks.
Because my arms are getting carpal tunnel from writing so much about Transition Economics 2014, here’s more on the matter in vlog form.